Added Back Interest income by ITO
This query is : Resolved
27 October 2010
Sir,
I m doing a bussiness in Himachal Pardesh of Eelectrical Goods as manufacturrer. I have earned some Interest Income during the year 2007-08 on late payment received on issuing sale bills to party. What i do, Sir. Please confirm that it is a taxable income or not. If not, Please supply me a copy of Judgement of any court for income tax purposes only.
Awaiting ur reply.
I m doing a bussiness in Himachal Pardesh of Eelectrical Goods as manufacturrer. I have earned some Interest Income during the year 2007-08 on late payment received on issuing sale bills to party. What i do, Sir. Please confirm that it is a taxable income or not. If not, Please supply me a copy of Judgement of any court for income tax purposes only.
Awaiting ur reply.
27 October 2010
ITS TAXABLE UNDER HEAD PGBP
27 October 2010
Sir,
I m doing a bussiness in Himachal Pardesh of Eelectrical Goods as manufacturrer. I have earned some Interest Income during the year 2007-08 on late payment received on issuing sale bills to party. What i do, Sir. Please confirm that it is a taxable income or not. If not, Please supply me a copy of Judgement of any court for income tax purposes only.
Awaiting ur reply.
I m doing a bussiness in Himachal Pardesh of Eelectrical Goods as manufacturrer. I have earned some Interest Income during the year 2007-08 on late payment received on issuing sale bills to party. What i do, Sir. Please confirm that it is a taxable income or not. If not, Please supply me a copy of Judgement of any court for income tax purposes only.
Awaiting ur reply.
27 October 2010
YES INTEREST INCOME IS TAXABLE DURING THE ORDINERY COURSE OF BUSINESS
27 October 2010
profit and gain from business or profession
27 October 2010
Sir,
My friends has told me that interest income is purely business income and it is eligible for deduction u/s 80IC. what u suggest about decision of the Supreme Court in the case of CIT VS GOVINDA CHAUDHRY AND SONS REPORTED AT 203 ITR 881 AND DELHI HIGH COURT IN THE CASE OF CIT VS ADVANCE DETERGENTS LTD. REPORTED AT 228 CTR 356 DEALING WITH THE ISSUE OF DEDUCTION U/S 80-IA AND PUNJB & HARYANA HIGH COURT IN THE CASE OF PHATELA COTGIN INDUSTRIES (P) LTD. VS CIT REPORTED AT 303 ITR 411.
Awaiting ur reply.
My friends has told me that interest income is purely business income and it is eligible for deduction u/s 80IC. what u suggest about decision of the Supreme Court in the case of CIT VS GOVINDA CHAUDHRY AND SONS REPORTED AT 203 ITR 881 AND DELHI HIGH COURT IN THE CASE OF CIT VS ADVANCE DETERGENTS LTD. REPORTED AT 228 CTR 356 DEALING WITH THE ISSUE OF DEDUCTION U/S 80-IA AND PUNJB & HARYANA HIGH COURT IN THE CASE OF PHATELA COTGIN INDUSTRIES (P) LTD. VS CIT REPORTED AT 303 ITR 411.
Awaiting ur reply.
29 October 2010
Interest Income is taxable Income as you are receiving it Why deduction comes here in this case?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
